The outlook for Morocco depends on its success in pushing through its reform agenda. Meanwhile risks remain from global economic conditions, and high unemployment.

• Economic risk (MEDIUM): The economic recovery is still on track for recovery but with a shallower short-term recovery. The downgrade by Moody’s has put the scal outlook in the spotlight.

• Political risk (MEDIUM): Protest over high prices and unemployment are a reminder of the threat of social tensions. The UN has invited Morocco, Algeria, Mauritania and the Polisario Front, a Western Sahara independence movement, for talks in Geneva on the con ict in the desert region.

• Financial risk (LOW): The Moroccan nancial sector is well capitalised and resilient but signi cant risk exposures remain. The launch of the sukuk will bolster its credentials.

• Commercial risk (MEDIUM): The ease of doing business has improved in a number of facets while none has worsened.